The term 'peg away' means to work hard or persistently at something. Its antonyms can include words like slack off, laze around, idle away, and waste time. These words signify lethargy, inactivity, and lack of productivity, which is the opposite of what 'peg away' connotes. Other antonyms for 'peg away' could be skip, abandon, neglect, or relinquish, which imply withdrawal or giving up on a task. However, these words do not necessarily connote that the task is too difficult or impossible, but rather that one has decided not to pursue it anymore. In contrast, 'peg away' emphasizes the importance of perseverance and determination.